Bitdeer Technologies Group reported a 41% year-over-year drop in revenue to $70.1 million for Q1 2025, as revealed on May 15. The company experienced an operating loss of $3.2 million, a significant decrease from a $34.1 million profit in the same quarter the previous year. Despite the revenue decline, Bitdeer secured a net income exceeding $400 million, primarily due to gains on convertible notes and warrants associated with stablecoin issuer Tether. The downturn in revenue aligns with a broader trend where miners are diversifying operations beyond Bitcoin, focusing on high-performance computing for AI applications. Bitdeer aims to mitigate the impact of falling mining revenues by selling energy-efficient Bitcoin mining hardware, although sales have not yet compensated for the revenue drop. The company also plans to ramp up self-mining activities, expecting its hashrate to reach 40 exahashes per second by year-end 2025.

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